KLP Kapitalforvaltning AS Takes Position in Wix.com Ltd. (NASDAQ:WIX)

KLP Kapitalforvaltning AS purchased a new position in shares of Wix.com Ltd. (NASDAQ:WIX) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 19,200 shares of the information services provider’s stock, valued at approximately $4,119,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. SG Americas Securities LLC grew its stake in shares of Wix.com by 558.5% during the fourth quarter. SG Americas Securities LLC now owns 471,933 shares of the information services provider’s stock valued at $101,253,000 after acquiring an additional 400,265 shares in the last quarter. Captrust Financial Advisors boosted its holdings in Wix.com by 545.7% in the third quarter. Captrust Financial Advisors now owns 238,465 shares of the information services provider’s stock valued at $39,864,000 after purchasing an additional 201,532 shares during the last quarter. Whale Rock Capital Management LLC grew its stake in Wix.com by 31.6% during the 3rd quarter. Whale Rock Capital Management LLC now owns 690,765 shares of the information services provider’s stock valued at $115,475,000 after purchasing an additional 165,810 shares in the last quarter. Allspring Global Investments Holdings LLC increased its holdings in Wix.com by 90.2% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 184,099 shares of the information services provider’s stock worth $39,859,000 after purchasing an additional 87,327 shares during the last quarter. Finally, Polar Asset Management Partners Inc. raised its position in shares of Wix.com by 192.9% in the 3rd quarter. Polar Asset Management Partners Inc. now owns 98,500 shares of the information services provider’s stock valued at $16,466,000 after purchasing an additional 64,869 shares in the last quarter. 81.52% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have recently weighed in on WIX. JMP Securities reissued a “market outperform” rating and set a $240.00 price target on shares of Wix.com in a research report on Tuesday, February 18th. Bank of America raised their price objective on shares of Wix.com from $228.00 to $270.00 and gave the stock a “buy” rating in a report on Wednesday, February 19th. Citigroup increased their price target on shares of Wix.com from $275.00 to $280.00 and gave the stock a “buy” rating in a research report on Thursday, February 20th. Cantor Fitzgerald boosted their price objective on Wix.com from $260.00 to $270.00 and gave the company an “overweight” rating in a report on Thursday, February 20th. Finally, Morgan Stanley raised Wix.com from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $248.00 to $276.00 in a report on Monday, January 13th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, fifteen have given a buy rating and three have given a strong buy rating to the company’s stock. According to data from MarketBeat, Wix.com currently has an average rating of “Moderate Buy” and a consensus target price of $243.74.

Wix.com Trading Down 2.7 %

Shares of NASDAQ WIX opened at $168.63 on Thursday. Wix.com Ltd. has a 12-month low of $117.58 and a 12-month high of $247.11. The company has a market cap of $9.24 billion, a PE ratio of 71.76, a P/E/G ratio of 2.83 and a beta of 1.64. The stock has a 50 day simple moving average of $207.83 and a 200-day simple moving average of $196.61.

Wix.com declared that its board has approved a stock buyback plan on Thursday, February 27th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the information services provider to reacquire up to 1.8% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.

About Wix.com

Wix.com Ltd., together with its subsidiaries, operates as a cloud-based web development platform for registered users and creators worldwide. The company offers Wix Editor, a drag-and-drop visual development and website editing environment platform; and Wix ADI that enables users to have the freedom of customization that the classic editor offers.